Why is the price of the USD on the black market over 30 EGP?

Publish Date: 15 Dec 2022

Finance Today

Why is the price of the USD on the black market over 30 EGP?

Will the IMF loan affect the dollar rate?

Why is the official US dollar rate today in banks 24 EGP but its price on the black market is more than 30 EGP? This is one of the most frequently asked questions right now, and in this article Faydety will help you understand the issue.


Stay up to date with the USD rate and other currencies here


Why is there a difference between the official dollar rate and its black-market rate?


The reason is because there is a huge shortage of foreign currency in Egypt, and the government is still supporting the Egyptian pound against the dollar which creates a big discrepancy between the official rate and the black-market rate.

The reason behind this shortage is the war between Russia and Ukraine, and because a lot of foreign investments stopped operating in Egypt which led to a shortage in hard currency.

Watch this video to learn more about the difference between the official price of the dollar and its price on the black market.


International Monetary Fund


It is expected that the IMF loan will help a little because it will restore investors’ confidence in investing their money in Egypt again.

Don’t miss our article including video Everything You Need To Know About The IMF


When is the next Central Bank of Egypt meeting?


Everyone is waiting for the meeting of the Central Bank of Egypt to decide on the interest rate issue, and the question now is whether the interest rate will be increased or not and the repercussions of the decision.


According to the schedule of meetings published on its website the Central Bank of Egypt (CBE) is expected to  meet next Thursday 22nd of December 2022 to discuss the interest rates of deposits and loans.

More on the Central Bank and interest rates here: Why does the Central Bank raise the interest rate?


Expert predictions


Most experts are of the opinion that CBE will decide to raise interest rates in order to re-attract foreign investments.

This will be necessary to contribute to:


  • Stabilizing the exchange rate.
  • The presence of a real return on customer savings in banks to protect them from the repercussions of the high rate of inflation.
  • Slightly control the increase in prices.


Just so you know the US Federal Reserve decided to raise the interest rate by 50 basis points at its meeting on Wednesday 14thDecember 2022.


What is the secret behind the rise in the price of the dollar in Egypt? Fine out more here

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